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    2 Replies Latest reply on Apr 2, 2008 10:12 AM by scubaman

    Loan for an international business - Asset Sale

    scubaman Newbie
      I live in the US and I am looking to acquire a business in the Bahamas. It is an asset sale for an existing operating and successful business. I will need $250,000 for the purchase and ownership takeover. I have not done extensive research for the loan other than contacting my Bank of America and investigating lines of credit and the like. I think the "international" part of the loan arrangement has implications that I do not have a lot of information on. I am currently contacting some legal assistance to try and aim myself in the right direction. I was just wondering if anyone has some expertise on the proper procedures to accomplish this purchase.
        • Re: Loan for an international business - Asset Sale
          LUCKIEST Guide
          Loan for an international business - Asset Sale
          How exciting and welcome to this web site.
          *You sound like you are on the right track. "*currently contacting some legal assistance"
          And your background makes this a perfect fit for you.
          Having a Lawyer, an Accountant, a Business Plan (showing income and expenses)
          and hopefully profit is a great start.
          Good luck, LUCKIEST
          1 of 1 people found this helpful
            • Re: Loan for an international business - Asset Sale
              scubaman Newbie
              Thanks for the response. I will add that I have charted out an initial business plan. I have acquired income and expense information and the potential for the increase in the business. It has the potential, as the only dive shop on the island, to expand greatly. Also, I contacted SCORE in WV and found very little help. Maybe SCORE in Florida, with it's closer proximity to the Bahamas, would be a better route to go. All in all, I am looking for some solid direction on how to approach the endeavour. I would imagine that someone has ventured into a business in the Bahamas and would have some helpful comments. My blind ambition makes me believe that any lender would be able to assist me, as in, a line of credit. I do know that Scotia Bank is a major bank in the Bahamas and will be pursuing that avenue as well. Canadians are very abundant in the Bahamas.
              Thanks again for the reply.